Birmingham, AL (August 18, 2008) Sterne, Agee & Leach, Inc. served as the sole senior manager on a $24,270,000 Series 2008 Macon Water Authority financing that closed August 14.
The Macon Water Authority recently issued Water and Sewer Refunding Bonds, saving taxpayers over $1,000,000 in debt service payments, $100,000 more than the $900,000 target. Sterne Agee was also successful in helping the Authority receive a ratings upgrade from Aa3/AA- to Aa2/AA. Market timing for the deal was very favorable and the Authority had an average interest cost of 3.49% on the bonds.
Sterne Agee has served as senior manager on underwritings totaling $287.7 million in par amount in Georgia and as co-manager on an additional $534.3 million in par amount since 2000. Sterne Agee has 35 employees in Georgia and maintains four offices, two with public finance personnel, in Macon, Atlanta, and Savannah (two locations). Sterne Agee has over $1.8 billion in assets under custody in Georgia and about $13 billion in assets under custody nationwide.
In addition to its Atlanta and Macon offices, the Public Finance Group maintains its headquarters in Birmingham and additional offices in New York, Boston, Houston, and San Antonio. Since 2000, Sterne Agee has served as senior or co-senior manager on issues throughout the country totaling $351.3 million in par amount, co-manager on $5.4 billion in par amount and an additional $12.1 billion in par amount as a selling group member.
Founded in 1901, Sterne Agee is one of the oldest and largest privately-owned brokerage firms in the country. A member of the New York Stock Exchange, Sterne Agee has headquarters in Birmingham, Alabama, and offices in 23 states. For more information, visit www.sterneagee.com.
For more information contact:
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Leah McKinney
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Senior Vice President
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205.949.3564
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